Shared ownership has become an increasingly popular way of individuals owning their first home as a result of the increase in property prices of the last number of years.
Although there are many forms of shared ownership, it is usually geared towards first-time buyers. The purchase of the property usually pays a mortgage on the share of the property that they own and pay rent to a housing association for the remaining shares.
Once the purchaser has accumulated sufficient funds, they can choose to increase their share of the property. This is called ‘staircasing’. Only then will the shared owner own the property in its entirety and no longer pay rent towards the housing association.
Shared ownership transactions are carried out simultaneously to your purchase conveyance. If this is an option that suits your interests and current financial situation, please visit our offices to ensure that you are both guided and supported through each stage of the process.